ACU has launched a tier one banking platform for its 15,000 members, based on the Oracle Flexcube core banking platform, becoming the first of nine credit unions that will use the new system
ACU chief executive Anthony Wilson described the Oracle banking platform as “one of the most sophisticated and complex banking systems in the world used in over 500 other financial institutions worldwide.”
He said it would greatly improve ACU’s ability to provide modern and state-of-the-art banking solutions for its Māori and Pasifika members.
“From a management point of view, the richness of the data that is provided out of the system will make ACU more responsive to our member’s financial needs,” he said.
He said implementation of the system was the culmination of 18 month’s hard work between ACU staff and Co-op Money NZ, the industry body representing and co-operatively owned by New Zealand’s credit unions and mutual building societies.
Co-op Money NZ said deployment of the platform was a significant move forward for the credit union movement and ACU had become the first of nine credit unions that will use the new system.
CEO Henry Lynch said the organisation was now focused on delivery for its next two credit unions, with the remaining six to be delivered by March 2018.